Kaya Group announced plans to expand its already profitable Jamaican operations. This marks an important milestone as the company focuses on core revenue-generating areas that have continued to grow year over year.
Kaya Group will focus its resources on optimizing its operations in Jamaica with further expansion in our hospitality, cannabis, and psychedelic offerings, which have been well received by the local and tourist market. The Jamaican operations of Kaya Group include Kaya Herb House premium retail locations in Kingston within the golden triangle and historic town of Falmouth, as well as its flagship retail complex, cultivation and processing operations in Ocho Rios. Kaya recently opened its first phase of its Wellness Center at The Gap, located in the pristine hills of the Jamaican Blue Mountains, part of the UNESCO World Heritage site.
Kaya Group has posted sales growth of 15% year over year and continues to implement marketing strategies to improve our sales target while reducing our SG&A. Medicinal cannabis sales continue to improve year over year with our premium quality cannabis products offered to our customers and third-party sales as the driving force behind this growth. We had 38,710 members at the end of FY 2022, which is a 12.5% increase from FY 2021. Overall foot traffic increased 75% from Q3 2022 to Q4 2022 and 54% year over year from 4,518 in 2021 to 6,928 in 2022.
"The decision to focus our efforts on respecting our Jamaican roots and expanding our Kaya brand makes sense for our business at this time. We believe the best opportunity for our company and its shareholders is to capitalize on the opportunity to expand our Kaya brand through licensing and franchising opportunities in new markets. We look forward to announcing our entry into the growing international cannabis market in the near term," said Bali Vaswani, CEO of Kaya Group and NUGL. "Mr. Vaswani continued, "These changes will provide Kaya Group and NUGL with a unique opportunity for operational synergies, capacity building, and diversified growth. Implementing cost-cutting measures and reallocating our capital to the sector of our business experiencing rapid growth allows us to improve margins and strengthen our balance sheet by controlling levers in our current business model. These changes will enable us to enter 2023 in a position of strength as we continue our growth trajectory."
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